Yesterday, Collider12 and the Startups had a special invite to the Nokia headquarters in London for a group session with Chris Schaumann, Nokia's Global VP, Digital & Social Marketing and CRM. Chris led a highly thoughtful presentation on 'Digital Transformation and Trends' which opened up discussions ranging from the death of industries, the rise of mobile, and speculation over just how much media will be digital in the future.
As we are great believers of sharing information to encourage learning and progression, here is a write-up from the event, including the slides, statistics, and media Chris used. Enjoy!
1. A Digital Future
In the future, all media will be digital. It is no longer a matter of 'if', but of 'when' or 'how fast'. Whether you believe it will take 600 years or 6 there is no denying the inevitable. In the last twenty years we have seen former industry giants fall victim to the internet, and in the future technology will only keep on killing, as shown in this short video from Erik Qualman). The message is clear; if technology and society evolve faster than your ability to adapt, you will lose. Accordingly, the faster you adapt to change the more successful you'll be.
This idea of 'digital Darwinism', as shown in this handy infographic, will only increase in importance as time goes by. As Leon C. Megginson once said in discussing Charles Darwin’s Origin of the Species, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”
2. Exponential Acceleration
Google CEO Eric Shmidt said in 2010 that "Between the birth of the world and 2003, there were five exabytes of information created. We [now] create five exabytes every two days." This staggering fact only becomes more important when you note that the majority of this content is user-generated, with tweets, Instagrams, and instant messaging all contributing. As the above graph shows, there are currently 2.4 billion internet users globally with that figure growing exponentially. Media consumption will continue to increase as new technologies are developed, fiber-optics for example, which provide faster loading speeds allowing more content. This massive change will create massive disruptions in all areas of life as we know it today.
One example Chris gave during the discussion was that methods of learning and teaching will be completely redeveloped as reading from a textbook in a classroom will simply be too inefficient. In the future, by the time a textbook has been written, printed, and shipped to your place of learning, the information will already be outdated. By taking advantage of the phenomenal audience the internet has, learning will be truly equal.
However, in terms of data transferred, video is on the rise and traditional web use is decreasing. It's not hard to fathom why, especially when you consider the freedom, control, and bespoke experience watching videos online provides you with when compared with television. With video vlogs, catch-up services, and movies online, it's utterly up to you what you watch when, and how. Netflix passed a landmark achievement with their political drama House of Cards, which the entire first series was available to watch when it premiered in February earlier this year, proving that the creators understood the 'box-set' mentality we have grown used to. "The world of 7:30 on Tuesday nights, that's dead," director David Fincher said during an interview. "A stake has been driven through its heart, its head has been cut off, and its mouth has been stuffed with garlic. The captive audience is gone. If you give people this opportunity to mainline all in one day, there's reason to believe they will do it."
Advert intrusion on television is a major part of this issue, with 24.8% of the program being given to ad loads.
Television adverts have been effective in the past as they were broadcasted in your home, had the potential to be entertaining, and could capture a relevant audience when paired with certain shows and their demographics. However, the internet can provide much more specific data to help brands build a better picture of their audience, allowing adverts to be highly targeted, and not annoying or intrusive. Chris was keen to mention that a soft sell approach to advertising that uses engagement, creative content, or offers a functional service will be a more modern and customer-friendly way to advertise.
Television and the internet do not need to be at war though, as shown by this video advert from Sony, although it is up for debate whether television needs the internet more than the internet needs television.
4. Advice for Startups
At the end of the session, Chris was asked to share any tips he had for Startups and here's what he had to say.
- When approaching brands, ask them what problems they are having and then tell them how you can fix it. If you can't fix their problem with your product walk away and find who has the biggest problem as they will want your solution the most.
- You don't have to aim for the very top companies, who could be hard to speak to or already receive many offers every day. Instead of aiming for the top 10, reach the top 10,000 to gather the users and data you need. If you have them, then the big brands will come to you.
- Aspire to add value to the internet, and not to just sell stuff, while acting in an ethical way.
- Remember this clip from the film Moneyball, which reinforces the ideas of the future and the change it brings.
Chris very kindly shares his slides, so you can see the full presentation here.